Scrum is a framework for managing complex product development that uses self-organizing cross-functional teams, short development iterations called sprints, and regular inspection and adaptation. Key roles include the Product Owner who manages the product backlog, the Scrum Master who facilitates the process, and the Scrum Team who does the work. Sprints involve planning, daily stand-ups, reviews, and retrospectives to continuously improve. The product backlog, sprint backlog, and burn down charts are used to track progress.